On July 15, 2010, the Appellate Division of the Superior Court of New Jersey affirmed a trial court’s ruling that a billboard owned by Lamar Advertising of Penn ("Lamar") is personal property for purposes of eminent domain. Lamar entered into a lease with the property owner and built a billboard on the property. When the New Jersey Turnpike acquired the property, an issue arose over whether the billboard was real or personal property. The court ultimately ruled that for purposes of eminent domain, the billboard is personal property.
You can read the decision here.